MIRA
INFORM REPORT
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Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
GARWARE POLYESTER INTERNATIONAL LIMITED |
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Registered Office : |
Unit 2 17 The Plaza, 535 Kings Road, London, SW10 0SZ |
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Country : |
United Kingdom |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.04.1995 |
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Com. Reg. No.: |
03042269 |
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Legal Form : |
Private Limited Liability Company (GB) |
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Line of Business : |
Fabric Importers and Distributors |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
GBP 46,500 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Identification Details
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Subject Reported on |
GARWARE POLYESTER INTERNATIONAL LIMITED |
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Holding Company |
Garware Polyester Ltd |
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Ultimate Holding Company |
KONKAN CEMENT SALES |
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Trading Address |
UNIT 2-17,THE PLAZA, 535 KINGS RD,LONDON,SW10 0SZ |
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Telephone |
020-8424-8877 |
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There is every confidence this company will prove good for
the assigned Credit Limit |
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Credit Limit |
GBP 46,500 |
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Selling to this company? The Credit Limit is the
recommended maximum outstanding debtor exposure at any one time. |
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Contract Limit |
GBP 442,300 |
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Buying from this company? The Contract Limit is the
recommended aggregate annual value for supply contracts. |
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Official Company Data
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Legal Form |
Private Limited Liability Company (GB) |
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Registration Number |
03042269 |
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Date of Incorporation |
05/04/1995 |
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Registered Office |
Unit 2 17 The Plaza, 535 Kings Road, London, SW10 0SZ |
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Date of Last Annual Return to
Registry |
05/04/2007 |
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Activities |
Fabric Importers and Distributors |
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Accounts |
The last filed accounts cover the period to 31/03/2007 and
were filed on 17/12/2007 |
Recently Filed Documents
Details of the most recent documents
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Date Received |
Description |
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05/04/2007 |
Annual Return |
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31/03/2007 |
Financial Statement / Set of Accounts |
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It should be noted that there is no legal requirement to
file satisfaction details of mortgages/charges at Companies House. |
Known Directors
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DIRECTOR |
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Occupation |
DIRECTOR ACCOUNTANT |
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Address |
10, NORTH APPROACH , NORTHWOOD , MIDDX
, HA6 2JG |
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Country of Origin |
BRITISH |
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Date of Birth |
19/06/1952 |
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Appointment Date |
05/04/1995 |
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Other Appointments |
BEST INDIAN LIMITED, GARWARE POLYESTER INTERNATIONAL
LIMITED, SAI TRADING (INTERNATIONAL) LIMITED, UNITY RADIO LIMITED |
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DIRECTOR |
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Occupation |
COMPANY CHAIRMAN |
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Address |
0-1, & 0-2 EDEN HALL DR ANNIE BESANT ROAD
, WORIL , BOMBAY , |
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Country of Origin |
INDIAN |
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Date of Birth |
05/01/1934 |
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Appointment Date |
22/05/1995 |
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Other Appointments |
GARWARE POLYESTER INTERNATIONAL LIMITED |
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DIRECTOR |
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Occupation |
COMPANY DIRECTOR |
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Address |
THOMPSON HOUSE 60, BUSHY MILL LANE , WATFORD
, |
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Country of Origin |
INDIAN |
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Date of Birth |
24/07/1970 |
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Appointment Date |
18/06/1996 |
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Other Appointments |
GARWARE POLYESTER INTERNATIONAL LIMITED |
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DIRECTOR |
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Occupation |
LEGAL ADVISOR |
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Address |
801, SHANTIVAN B WING DEVIDAS ROAD BORIVALI WEST
, MUBAI 400 092 , INDIA , |
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Country of Origin |
INDIAN |
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Date of Birth |
22/05/1943 |
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Appointment Date |
15/10/2004 |
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Other Appointments |
GARWARE POLYESTER INTERNATIONAL LIMITED |
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DIRECTOR |
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Occupation |
SALES MANAGER UK US |
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Address |
59, SUTTON HALL ROAD HESTON , HOUNSLOW
, TW5 0PX |
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Country of Origin |
INDIAN |
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Date of Birth |
10/05/1967 |
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Appointment Date |
15/01/2007 |
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Other Appointments |
GARWARE POLYESTER INTERNATIONAL LIMITED |
Recently Resigned Directors (last
3)
None
Share Summary
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Share Currency: |
GBP |
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Priniciple Shareholders: |
Type Of Share |
No. of Shares |
Value |
%age |
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Garware Polyester Ltd |
ORD |
250,000 |
250,000.00 |
100.00 |
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Mortgages and Charges
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Total Registered |
3 |
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Total Outstanding |
3 |
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Total Satisfied |
0 |
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Most Recent Mortgage |
18/01/2005 |
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Date Registered |
21/01/2005 |
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Type |
395 |
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Date Created |
18/01/2005 |
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Lender |
GMX SIX LIMITED |
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Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE
CHARGEE UNDER THE TERMS OF THE AFOREMENTIONED INSTRUMENT CREATING OR
EVIDENCING THE CHARGE |
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Details |
5,307.48 AND ANY SUM FROM TIME TO TIM DEPOSITED |
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Satisfied? |
No |
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Date Registered |
26/09/2001 |
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Type |
395 |
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Date Created |
19/09/2001 |
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Lender |
SLOUGH PROPERTIES LIMITED |
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Secured On |
UNDER A LEASE OF EVEN DATE AND THE DEPOSIT DEED ALL MONIES
DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE |
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Details |
THE SUM OF 3,575 |
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Satisfied? |
No |
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Date Registered |
10/03/1999 |
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Type |
395 |
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Date Created |
22/02/1999 |
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Lender |
BARCLAYS BANK PLC |
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Secured On |
ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE
CHARGEE ON ANY ACCOUNT WHATSOEVER |
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Details |
ACCOUNT 20801410 THE CHARGE CREATES A FIXED CHARGE OVER
ALL THE DEPOSIT(S) REFERRED TO IN THE SCHEDULE TO THE FORM 395 (INCLUDING ALL
OR ANY PART OF THE MONEY PAYABLE PURSUANT TO SUCH DEPOSIT(S) AND THE DEBTS
REPRESENTED THEREBY) TOGETHER WITH ALL INTEREST FROM TIME TO TIME ACCRUING
THEREON IT ALSO CREATES AN ASSIGNMENT BY THE CHARGOR FOR THE PURPOSES OF AND
TO GIVE EFFECT TO THE SECURITY OVER THE RIGHT OF THE CHARGOR TO REQUIRE
REPAYMENT OF SUCH DEPOSIT(S) AND INTEREST THEREON |
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Satisfied? |
No |
Public Record Information
Summary of CCJ's/Scottish Decrees
There are no unsatisfied CCJs against the company.
Operations
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Activities |
Fabric Importers and Distributors |
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Sic Code |
Description |
|
5142 |
Wholesale of clothing and footwear |
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Staff Employed |
5 |
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Auditors |
MCT Partnership |
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Auditors Notes |
No Qualification. The Auditors have expressed a clean
opinion (i.e. unqualified with no referrals) on the latest accounts. |
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Bankers |
Barclays Bank PLC 32 Clarendon Rd |
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Sort Codes |
209179 |
Financial Data
Profit and Loss
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Number of Weeks |
52 |
52 |
52 |
52 |
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Accounts Date |
31/03/2007 |
31/03/2006 |
31/12/2004 |
31/12/2003 |
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Currency |
GBP |
GBP |
GBP |
GBP |
|
Units |
units |
units |
units |
units |
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Consolidated? |
No |
No |
No |
No |
|
SALES |
1,857,706 |
1,953,588 |
1,641,582 |
1,288,731 |
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Export Sales |
901,049 |
1,113,817 |
676,370 |
568,531 |
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Other operating income |
250 |
44,253 |
90,618 |
216,118 |
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Cost of goods sold |
1,469,954 |
1,545,073 |
1,388,544 |
1,041,555 |
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GROSS PROFIT |
387,752 |
408,515 |
253,038 |
247,176 |
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Other Expenses |
79,681 |
84,664 |
59,687 |
66,082 |
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General administration costs (-) |
311,086 |
401,634 |
282,189 |
154,890 |
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Wages and Salaries |
200,398 |
231,441 |
183,963 |
108,637 |
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Depreciation |
6,574 |
9,411 |
51,542 |
1,395 |
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Net Operating Profit(Loss) |
-2,765 |
-33,530 |
1,780 |
242,322 |
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Non Trading Income |
20,497 |
10,839 |
9,126 |
5,008 |
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Total Non Trading Income |
20,497 |
10,839 |
9,126 |
5,008 |
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Financial Expenses |
0 |
0 |
0 |
38 |
|
PRE TAX PROFIT |
17,732 |
-22,691 |
10,906 |
247,292 |
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Other Taxation |
0 |
1,588 |
0 |
0 |
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Taxation |
1,036 |
-1,690 |
102 |
16,581 |
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PROFIT AFTER TAX |
16,696 |
-22,589 |
10,804 |
230,711 |
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Net Profit |
16,696 |
- |
10,804 |
230,711 |
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Dividends Payable |
0 |
0 |
0 |
25,000 |
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RETAINED PROFITS |
16,696 |
- |
10,804 |
205,711 |
Balance Sheet
|
Number of Weeks |
52 |
52 |
52 |
52 |
|
Accounts Date |
31/03/2007 |
31/03/2006 |
31/12/2004 |
31/12/2003 |
|
Currency |
GBP |
GBP |
GBP |
GBP |
|
Units |
units |
units |
units |
units |
|
Consolidated? |
No |
No |
No |
No |
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TOTAL FIXED ASSETS |
75,703 |
82,143 |
67,203 |
66,232 |
|
Land & buildings |
3,034 |
6,067 |
- |
- |
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Plant, machinery &
equipment |
10,623 |
14,030 |
5,157 |
4,186 |
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Intermediate Assets |
62,046 |
62,046 |
62,046 |
62,046 |
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TOTAL CURRENT ASSETS |
983,655 |
802,428 |
1,152,515 |
794,447 |
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Stocks |
190,626 |
294,932 |
216,576 |
268,171 |
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Trade Debtors |
75,428 |
41,466 |
136,608 |
15,736 |
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Other Receivables |
11,311 |
22,131 |
3,750 |
5,672 |
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Prepaid expenses |
8,167 |
8,774 |
3,844 |
5,386 |
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Cash |
698,123 |
433,435 |
791,737 |
364,651 |
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TOTAL ASSETS |
1,059,358 |
884,571 |
1,219,718 |
860,679 |
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TOTAL CURRENT LIABILITIES |
661,262 |
503,171 |
815,729 |
467,494 |
|
Trade Creditors |
10,526 |
4,464 |
8,282 |
5,424 |
|
Bank Overdraft |
3,782 |
16,728 |
- |
- |
|
Loans From Principals |
2,727 |
4,077 |
9,903 |
- |
|
Taxes |
2,327 |
- |
14,826 |
17,909 |
|
Due From Group |
631,225 |
470,185 |
769,236 |
406,490 |
|
Accruals & deferred
income |
10,675 |
7,717 |
9,967 |
12,667 |
|
WORKING CAPITAL |
322,393 |
299,257 |
336,786 |
326,953 |
|
TOTAL LONG TERM LIABS |
0 |
0 |
0 |
0 |
|
NET ASSETS/(LIABILITIES) |
398,096 |
381,400 |
403,989 |
393,185 |
|
SHARE CAPITAL + RESERVES |
398,096 |
381,400 |
403,989 |
393,185 |
|
Issued Share Capital |
250,000 |
250,000 |
250,000 |
250,000 |
|
Profit and Loss account |
148,096 |
131,400 |
153,989 |
143,185 |
|
SHAREHOLDERS FUNDS |
398,096 |
381,400 |
403,989 |
393,185 |
|
CAPITAL EMPLOYED |
398,096 |
381,400 |
403,989 |
393,185 |
|
TANGIBLE NET WORTH |
398,096 |
381,400 |
403,989 |
393,185 |
Key
Credit Ratios
|
Accounts Date |
31/03/2007 |
31/03/2006 |
31/12/2004 |
31/12/2003 |
|
Current Ratio |
1.49 |
1.59 |
1.41 |
1.70 |
|
Profit Before Tax |
0.01 |
-0.01 |
0.01 |
0.19 |
|
Creditors Days (D.P.O) |
2.61 |
1.05 |
2.18 |
1.90 |
|
Quick Ratio |
1.20 |
1.01 |
1.15 |
1.13 |
|
Return on Assets |
1.78 |
-2.76 |
0.94 |
30.96 |
|
T.N.W/Total Assets |
0.38 |
0.43 |
0.33 |
0.46 |
|
Return on Capital |
4.45 |
-5.95 |
2.70 |
62.89 |
|
Working Capital/Sales |
0.00 |
0.00 |
0.00 |
0.00 |
|
Stock Turnover |
0.00 |
0.00 |
0.00 |
0.00 |
|
Solvency (%) |
166.11 |
131.93 |
201.92 |
118.90 |
Financial Summary
|
Turnover |
Turnover decreased by more than 5% in the period. Turnover
totalled GBP 1,857,706,units for the period. |
|
Operating Loss |
Totalled GBP -2,765,units In the period prior a loss
of GBP 33,530,units was achieved. |
|
Pre Tax |
The subject made a profit of GBP 17,732,units
compared with a loss of GBP 22,691,units in the previous period. |
|
Working Capital |
The company's working capital improved in the period by 8%
|
|
Tangible Net Worth |
Net worth increased by 16,696 during the period and now
stands at GBP 398,096,units |
|
Fixed Assets |
The subjects fixed assets reduced during the period by GBP
6,440 to GBP 13,657,units and are now 1% of total assets compared
with 2% in the previous period |
|
Long Term Liabilities |
Long term liabilities are now 0% of total assets compared
with 0% in the previous period |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)